Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h −0.003%

Price spread now: SunX against Phoenix+0.176%69s7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1291.289% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.241%−$24 on $10k

Price spread, last 4 days (all we have)−0.333%−$33 · spread now +0.176%, 7d avg −0.022%

Together, before fees−0.574%−$57 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and SunX is 0.199% dearer against Phoenix than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.022%. Mind the row above: over the last 7 days funding on this pair cost −0.241%, so the current rate has only just turned in your favour. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	95.204	0.0017	pay 0.0002% / 1h	58m 18s	$201K	$945K	10x
Short	SunX HYPE-USDT	95.372	0.0100	get 0.0050% / 4h	1h 58m	$33K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee SunXbpOrdersPrice spread, now +0.176%Rate

Funding earned: $17.47
Price spread: +0.176% → −0.022%: $19.89
Slippage, 4 orders: −$113.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$91.54
Costs to cover: 1.289%
Break-even: 43.7 days

Slippage from Phoenix: live order book, 3 min ago; SunX: live order book, 10 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 3 min ago	0.05 bp	3.8 bp −$4	8.6 bp −$86	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	21.75 bp	67.4 bp −$67	doesn't fit	doesn't fit	doesn't fit

HYPE on 54 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1320%	1h	95.200	−0.005%	$212K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0400%	1h	95.257	+0.056%	$114K	$582K	20x	as long as short
Phemex HYPEUSDT	−0.0271%	8h	95.161	−0.045%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.280	+0.080%	$18.6M	$35.3M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.192	−0.012%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.242	+0.040%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	95.140	−0.067%	$690K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.259	+0.058%	$92K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.014%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.272	+0.071%	$54.6M	$53.0M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.310	+0.111%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.248	+0.046%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.267	+0.066%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.259	+0.058%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.276	+0.076%	$119.2M	$304.6M	50x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	95.251	+0.049%	$274K	$1.0M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.058%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	+0.083%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.216	+0.013%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	−0.013%	$232K	$12K	10x	as long as short
Phoenix HYPElong	+0.0017%	1h	95.204	long leg	$201K	$945K	10x
Bitget HYPEUSDT	+0.0020%	4h	95.277	+0.077%	$229.0M	$87.2M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.300	+0.101%	$321.3M	$266.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0044%	1h	95.363	+0.167%	$7.5M	$4.3M	50x	as long as short
Vest HYPE-PERP	+0.0054%	1h	95.309	+0.111%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.262	+0.061%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.099%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.286	+0.086%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.180	−0.025%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.288	+0.089%	$7.3M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.360	+0.164%	$2.11B	$649.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.286	+0.086%	$10.3M	$13.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.280	+0.080%	$382.9M	$859.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.272	+0.071%	$90.8M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.266	+0.065%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.274	+0.074%	—	$48.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.264	+0.063%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.064%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.108	−0.101%	$7.7M	$40.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.136	−0.071%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.226	+0.023%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.290	+0.090%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.278	+0.078%	$79K	$136K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	95.372	+0.176%	$33K	$1.4M	20x
SoDEX HYPE-USD	+0.0100%	1h	95.281	+0.081%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.307	+0.108%	$1.4M	$5.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.249	+0.047%	$18.4M	$40.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.272	+0.072%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.275	+0.075%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.282	+0.081%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.230	+0.027%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.246	+0.044%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.205	+0.001%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.206%	$31K	$334K	12x	as long as short